The Letter Of Intent For Business Loan is a crucial preliminary document used in Nigerian business financing transactions when a potential borrower and lender wish to formalize their initial understanding before proceeding with a full loan agreement. This document is particularly relevant in the Nigerian business environment where formal documentation of intentions is important for both parties' security and clarity. It typically includes key proposed terms such as loan amount, purpose, interest rate, repayment period, and any security arrangements, while operating under the framework of Nigerian banking and contract law, particularly BOFIA 2020. While not legally binding as a whole, certain provisions like confidentiality may be explicitly made binding. The document serves as a roadmap for further negotiations and due diligence, helping to prevent misunderstandings and providing a clear framework for moving forward with the final loan agreement.
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1. Date and Address Block: Full date and recipient's address details including business name and address
2. Subject Line: Clear identification of the document as a Letter of Intent for Business Loan
3. Opening Paragraph: Introduction of the parties and confirmation of intent to enter into a loan agreement
4. Loan Amount and Purpose: Specific amount of the proposed loan and its intended business use
5. Key Terms: Principal proposed terms including interest rate, repayment period, and payment schedule
6. Conditions Precedent: Key conditions that must be met before the loan agreement will be finalized
7. Timeline: Proposed timeline for due diligence, documentation, and loan disbursement
8. Non-Binding Nature: Statement clarifying the non-binding nature of the LOI (except for any specifically binding terms)
9. Confidentiality: Statement regarding the confidential nature of the LOI and discussions
10. Closing and Signatures: Formal closing, signature blocks for both parties
1. Exclusivity Period: Used when the lender requires exclusive negotiating rights for a specified period
2. Preliminary Security Terms: Include when specific collateral or security arrangements need to be highlighted early
3. Cost and Expense Allocation: Used when there's a need to specify who bears the costs of due diligence and documentation
4. Governing Law Statement: Optional in LOI but recommended for international transactions or high-value loans
5. Break Fee: Include when there's a need to specify compensation if either party withdraws from negotiations
6. Reference to Previous Discussions: Used when the LOI follows substantial preliminary negotiations that need to be referenced
1. Term Sheet: Detailed breakdown of proposed loan terms and conditions
2. Required Documentation List: List of documents required for due diligence and loan processing
3. Project Timeline: Detailed timeline of loan processing, approval, and disbursement milestones
4. Corporate Information Summary: Brief overview of borrower's business and corporate structure
Relevant legal definitions
Business Day
Confidential Information
Conditions Precedent
Due Diligence
Effective Date
Exclusivity Period
Facility
Interest Rate
Lender
Letter
Loan Amount
Material Adverse Change
Parties
Proposed Transaction
Security
Term Sheet
Transaction Documents
Borrower
Business Purpose
Completion Date
Binding Terms
Non-Binding Terms
Permitted Purpose
Representatives
Working Capital
Confidential Information
Conditions Precedent
Due Diligence
Effective Date
Exclusivity Period
Facility
Interest Rate
Lender
Letter
Loan Amount
Material Adverse Change
Parties
Proposed Transaction
Security
Term Sheet
Transaction Documents
Borrower
Business Purpose
Completion Date
Binding Terms
Non-Binding Terms
Permitted Purpose
Representatives
Working Capital
Clauses
Recitals
Purpose of the Letter
Loan Terms
Conditions Precedent
Due Diligence
Confidentiality
Non-Binding Effect
Binding Provisions
Exclusivity
Costs and Expenses
Good Faith
Term and Termination
Governing Law
Dispute Resolution
Notices
Assignment
Entire Understanding
Authority
Counterparts
Time Period
Representations and Warranties
Disclosure
Amendment
Survival
Purpose of the Letter
Loan Terms
Conditions Precedent
Due Diligence
Confidentiality
Non-Binding Effect
Binding Provisions
Exclusivity
Costs and Expenses
Good Faith
Term and Termination
Governing Law
Dispute Resolution
Notices
Assignment
Entire Understanding
Authority
Counterparts
Time Period
Representations and Warranties
Disclosure
Amendment
Survival
Relevant Industries
Banking and Financial Services
Manufacturing
Retail and Commerce
Agriculture
Technology and IT
Real Estate and Construction
Healthcare
Transportation and Logistics
Energy and Mining
Hospitality and Tourism
Educational Services
Telecommunications
Relevant Teams
Legal
Finance
Credit Risk
Corporate Banking
Compliance
Treasury
Business Development
Executive Leadership
Operations
Risk Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Business Development Manager
Credit Risk Manager
Loan Officer
Corporate Banking Manager
Managing Director
Company Secretary
Financial Controller
Treasury Manager
Relationship Manager
Risk Assessment Officer
Compliance Officer
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